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quickly. >> the struggle for power has been interesting to watch from some of the local newspapers, because there have been reports that tao has been keen to hold on to some of the power after he departs the top job. some of those generals have also not been successful so far in this lead-up to the change. do you think he will actually attempt to keep his finger on the pulse once he departs? >> the key question is whether he maintains position as the chairman of the military affairs commission. it gives him some leverage. but he lost a key battle just a little while ago, as your audience may know, there was a young man whose car crashed in beijing. he was half naked with two other almost naked women in his car, turns out he was the son of a key ally of tao, who was expected to run the central economy's general office, and that general office has always been a position of great authority, and now a person has been able to move in and take that over. so that could make it much more difficult for tao to affect the issues that people discuss. >> appreciate the time. thank you so much f
requires local talent. that is the way you can grow because you cannot go into germany and not have germans to it. so you are specific direction requires us to increase our presence in the local market. so this last quarter we've included people on site so we can recruit on site and integrate local communities to increase our abilities on site. so for that includes in the local markets is very much in line with our direction. >> and you mentioned wage costs. we're running 6% in india. so is it your expectation that wage costs will keep running at the current rate in terms of the pace of which they're going up or will it be pressure for them to go even higher? >> unemployment 3.5%, so there is still demand for people in the industry. and the compensation actually -- s the demand for people continues, there will be pressure on the compensation. >> all right. thank you so much for joining us, ceo and md of infosys joining us first here on cnbc. >>> and coming up after the break, we'll talk about japan's soft bank. it is in advanced talks to buy majority stake in sprint nextel. then don't miss
about how it extends throughout the ecosystem to provide all of the local -- all of the local communications and telecom that has to go in. all of the proliferation of mobility devices creates more demands for infrastructure, good on both sides of the business. >> if that's the case, and it's a secular growth story, in 2013, you said this isn't going to be a total washout. 7 1/2 times earnings, we will buy what market wants to sell us? >> yeah, jim. we haven't made a call on 2013. as you referenced, we came out with what we thought was more muted outlook for the december quarter. lower than the normal guidance, but apparently some people were presently surprised. i tell you, we have on our buyback, total authorization of 7.50, through the end of the september quarter, 456 million, since october 1st, another $60 million, and an active participant. at these levels as we do our own valuation, on an intrinsic valuation basis, we're a good investment, and capital, new m&a, we'll take the opportunity to do so, and we're active with the program. >> very right when you come into buy.
rather than direct in to the local market? >> this is the most fascinating thing to me in the word rigld r now. you have this main market continuing to underperform. and many reasons why it's the case. one of which is the chinese authorities aren't motivated by the same things as the rest of us and trying to achieve this change in their growth. so i think you have to have a number of things, but in addition, it's probably now going to get trickier. because if we're going to a more quality china and less quantity, then some of the big global winners of the pastal winners. and it is conceivable that some of the luxury winners won't be quite as prominent. the call of my sort of thesis, i'll call it luxury light. you got to be investing in the things where the consumption of which chinese earn as opposed to production or let's just say weird ways of obtaining the wealth. because there is an effort to try and -- it's not quite so fashionable to be the extraordinary amount of gifting that's been going on. so i think it's a really good time to be a true stock picker in this regard. this is wher
pop up, especially local media over the last couple of weeks. let me just focus in on "the wall street journal" story and the ft story, which have a similar story. basically, the two stories say the same. they say that ubs, as you mentioned, would embark on a new round of massive job cuts in the investment banking unit, which is still pressured by cost and by falling profitability and falling revenues, and these job cuts could be announced when the bank reports numbers next tuesday. "the wall street journal" also says the first round of job cuts could be announced starting today, and that would hit fixed income and equities trading. on top of that, it writes that there could be a reorganization or restructuring of certain units that it wants to get rid of or units it wants the keep. at this point, it didn't say how many jobs in total would be cut. both the ft and "the wall street journal" merely said that it could be in the thousands. so as you see, there's still a lot of speculation. no comment from ubs at this point. so we really have to wait until next tuesday to get more detail on
no power over local projects in individual states. ekta has more details. >> it is definitely a positive and it has come in terms of the big line of reforms that we've seen in the past two weeks which had been initiated by the government. national investment board could get cabinet approval this week or could get some amount of approval. the big reason why the national investment board could actually come into play is that currently it would actually fast track infrastructure approval simply because currently there are 19 ministries overall from engineering to defense which actually require to give regulatory approval to any sort of infrastructure project that exists or wants to come into play. so to give it a certain amount of time frame which is more applicable and which is more realistic in terms of infrastructure project is the reason why national investment board could be coming up by the cabinet, but the people are not really seeing it as a fantasy of one because it will take a lot of regulatory approvals to get the national investment board on track and secondly, there could be mo
at the state and local level to rebuild some of this infrastructure. so i don't think you're dealing with the japan situation. this is a highly urban, highly wealthy area that's been impacted and i think they will add to economic growth, especially in the first quarter. >> what do you think of the net losers? businesses here who have lost income that just won't get it back. >> yeah, i think when you're thinking about the poll process, it's not so much retail, but you're thinking about who has capacity that's not going to be used right now, and there's no way going to be captured in the future. you're thinking about legend -- lodging, thinking about airlines, you can't fill a plane twice. you can't refill a hotel twice to make up for the lost occupancy. so any kind of a business like that is going to be impacted here. >> you phrased it interestingly, which is that this could actually be a hit to wealth and a boost to gdp. in terms of the wealth hit, walk us through that piece of this and the significance of it. >> when you see the visual of the houses in queens, that's a hit on the we
these enormous banks that are basically for better or for worse much better than some of the local economies in which they operate and i think it's inevitable that you'll have policymakers begin the enormous catastrophe economically and financially that we'll have in some cases exaggerated policy responses and overlapping policy responses. i don't have a tremendous amount of sympathy for the banks moaning about how complicated it makes their lives. it is complicated, but it is something that's the result of an enormous financial crisis. when you have giant cross border banks, that engenders cross border policy responses. >> and in that context, chris, you have buys on hsbc and barclays which are exactly those kind of institutions which are cross border complicated. >> if we want to actually see the economy globally growing, then you can't sit back and say the fact the banks can't play, if you're sitting inside those bank, you have shareholders, an audience to look after, and lots of other audiences. >> do you think banks are saying we're not going to make a loan because we're not sure how vi
's so disbursed and so local, but no less vocal and no less effective compared to those other campaigns. >> james, good to talk to you. it's only going to get bigger, though, right? all indications are this thing will only grow and get a lot bigger. >> and two-thirds of that growth in natural gas will be as a result of fracking. >> good to see you, james. thank you for coming in. other news, credit suisse is being sued by the u.s. based national credit association for selling faulty securities. allegations include misrepresentations in the underwriting and sale of mortgage backed securities which then led to the collapse of a number of corporate credit unions between 2009 and 12010. credit suisse has not commented on the lawsuit.2010. credit suisse has not commented on the lawsuit. james gore man has given his starkest warning yet over wall street. he. >> shon: compensation was way too high and that managers had to become tougher minded. he added that as capacity at banks declined, so, too, did bonuses. morgan stanley has already announced 4,000 job cuts, around 7% of its workforce. and
're in markets with more difficult environmental credentials in our products compared to local produced products who actually say they're doing the same thing. so green washing is a big hurdle specifically in those territories where there's limited or no regular regulation. >> e cover is a couple decades old. and that's really what has helped build the business. s as you look in emerging markets, you're having a more difficult time getting that message across. >> we're the first green cleaning brand in europe and we've built our presence over time over the last 30 years. and we're actually going to with the learnings we have in europe into new markets, for us it's building a platform and then from that start to build the whole brand awareness and doing a the lot of education which we've been doing here, as well. we'll do it as well in the new markets. it will be a challenge, but exciting, as well. there's a lot of know how already and interest in environmental methods in the new markets. i always say the population issen come fronted with environmental issueses on a daily basis. so there's a ver
of the decision on italy and other eurozone countries is delaying a request. and in fact he's talking to local press saying it would cost italy something like 1.5% of gdp to support aid to spain there. angela merkel is thought to be softening her stance on greece telling a news conference there would be no uncontrollable events in the eurozone and that while athens still has a lot of work to do, she wants to stay in the eurozone. meanwhile the country's finance minister said yesterday a deal with the troica appeared unlikely before this thursday's eu summit contra difficulting comments by the prime minister over the weekend that in fact one would be. >>> and portugal has delivered its harshest austerity budget on record. protesters set fire to a huge model of a executer memory stick in protest. the measurements will take away the give lance of one month's wages for many workers. the governor says they're necessary to cut the national debt. the imf has already come out and sort of admitted it's made a terrible mistake with its programs in europe. the fiscal multiplierses aren't half a percent,
systemically important banks? >> i think the german government is very much under the pressure of the local saving banks in germany who represent about 40% of the saving market. but we are very much in faefr of a single supervisor if all the banks. we didn't want to have a two tier supervision. i think that would be against the single market in financial services. where he want the same rules for all the banks so we don't have different supervisory practices. >> very quickly, there's a report that you can't make the ecb sort of a banking supervisor without a change of treaties and laws. what do you make of that? is this going to be a very long drawn out process? >> well, i'm not a lawyer, but i don't think thoo this legal problem will be a showstopper. if there's a political will to go around it, then they will find ways to go around it and iminform iminfoi am informed the legal office of the council is trying to find ways to go around it. the problem being that in fact there is no legislation that can let say interfere in the government of the ecb. it's up to the ecb to decide on its own g
next year. ten year gilts doing slightly better. expected to be 13.9 billion. local government borrowing and corporations owned by the government were rowed less money, but at the moment chancellor still set to miss fiscal targets. so a long way to go. end of the year is march in terms of financial terms. currency markets, euro-dollar nudging away from the one month high. dollar-yen stronger. aussie dollar a little weaker. sterling did get a slight boost from t were rborrowing figures. let's recap asia for you. >> asian bourses ended the week on a mixed note following the negative fleet from the wall street. asian teches in particular were under pressure following google's disappointing results. shanghai composite failed to hold on to gains. the country's congress ministry also warned it may be premature to call for a bona fide rebound based solely on september's positive trade data. but mainly banks lent support to the hang seng ahead of next week's earning. but losses in telecoms weighed on the index. still the hang seng registered its seventh straight weekly gain. the nikkei
're still tilted towards more qe. does it change that? >> the local qe conversation is now going to be put in the balance. i expect more of a bernanke style we will continue to sustain a accommodating monetary policy going forward is more likely to be the message. i don't think it's about the need to come and buy more securities from the market. or assets in the markets. i think there will be apevolution of qe being discussed in q4, but what this gdp figure does is it takes the pressure off to say we've got to have another big hit from somewhere because otherwise we're in real trouble. that's sort of 1% gdp figure. p plus we need to look tree visions for history. >> i take your point about it chimes with the employment picture more than other things. >> and the construction numbers have continued to be a concern, the fact they're weak still suggests that that will be a focus for the markets. certainly when you read the comments that come back from the company level, the situation doesn't look as if it's supporting such a weak outlook for construction. >> chris, good to have on you today. t
want to go to my local cinema, it is full. surely the trend is i'm going to be watching films on my ipad, et cetera. i don't understand and perhaps urt wrong person to understand this question to, i don't understand why cinemas still exist. >> they exist because cinemas are probably the best marketing tool that the studios have. and the way that they structure their windows, we operate in a window which is straight after cinema and also some of the products -- why they exist, this krae either buzz for the studios. they create -- they have a long chain of consumption. and it's because of the buzz that's caused by a big cinema release that we're in the window straight after cinema. so video on demand in terms of day in data it's called with dvd release, you get it on our service. and then you wait another few months and then netflix and love film take the prescription window. >> i thought video would kill cinema, but what it did is it sharpened your appetite to go see movies. >> the point i'm making is surely the growth is in people watchi watching not buying 23i ining f they can weight
Search Results 0 to 14 of about 15